New Delhi: The Indian government has announced the sale of securities worth Rs 150 billion in four tranches, including '8.19% Government Stock 2020' of Rs 40 billion, '9.15% Government Stock 2024' of Rs 70 billion, '8.28% Government Stock 2027' of Rs 20 billion and '8.83% Government Stock 2041' of Rs 20 billion, the Reserve Bank of India (RBI) said.
RBI, the custodian bank of the government, has notified that the auctions will commence through the uniform price method on June 22, 2012.
From the total auction, 5% will be allotted to eligible individuals and institutions according to set norms for non-competitive bidding facility in the auction of government securities, it added.
The competitive and non-competitive bids for the auction have to be submitted in an electronic format on the negotiated dealing system (NDS) on June 22, 2012.
The timing for submission of competitive bids is between 10:30 am and 12:00 pm, while the timing for submission of non-competitive bids is between 10:30 am and 11:30 am.
The result of the auctions will be announced on the same day and payment by successful bidders will be on June 25, 2012.